St James’s Place has announced the individual due to succeed Iain Cornish as chairman of the wealth management group.
Paul Manduca is set to step into the role at the end of the company’s next annual general meeting on 17 May 2021, subject to regulatory approval. He will join the board as a non-executive director and chairman designate on 1 January.
Cornish joined the SJP board in 2011 and became chairman in 2018. He will step down as a director at the AGM.
Manduca is currently chairman of Prudential, a position he has held since July 2012, having joined the board as senior independent director in October 2010. He is due to step down from Prudential on 31 December.
He is also chairman of Templeton Emerging Markets Investment Trust (Temit). Temit published a director declaration announcement to the London Stock Exchange on Thursday announcing and acknowledging Manduca’s forthcoming position at SJP.
Before joining Prudential, Manduca held several senior leadership roles in business and financial services. He was the founding chief executive of Threadneedle Asset Management, global CEO of Rothschild Asset Management and European CEO of Deutsche Asset Management.
He has served as senior independent director of Wm Morrison Supermarkets, chairman of Henderson Diversified Income Limited and a non-executive director of KazMunaiGas Exploration & Production.
SJP senior independent director Roger Yates said: “‘I am delighted that our thorough search process has resulted in the selection of Paul Manduca as our next chair. He has extensive boardroom experience across the financial services sector and his expertise will be invaluable to St James’s Place.”
Manduca said he was “honoured” to be asked to SJP’s join the board and to become chairman.
He added: “I have long admired St James’s Place for the unique service it offers to its clients of expert financial advice and a distinctive approach to investment management.”
Yates thanked Cornish for his service to SJP on behalf of the board. “We have benefited immensely from his wise counsel and guidance during that period,” he added.
Cornish said it had been a “huge privilege” to chair the board at SJP.
“I welcome Paul to St James’s Place and wish Paul, the board and SJP every success in the future.”
